During the quarter to end-December, L&T's net sales rose 10.34% to Rs15,429.36 crore from Rs13,983.61 crore mainly on 25% increase in other income, especially interest earned on deposits
Mumbai: Engineering and construction company Larsen and Toubro (L&T) on Thursday reported over 13% jump in standalone net profit to Rs1,121.75 crore for the third quarter due to good sales and increase in other income, reports PTI.
The company had reported a net profit of Rs991.66 crore in the same quarter last fiscal.
During the quarter to end-December, L&T's net sales rose 10.34% to Rs15,429.36 crore from Rs13,983.61 crore, it said in a filing to the BSE.
Moreover, the company registered over 25% growth in its other income, mainly interests earned on deposits, to Rs530.18 crore during the quarter, while its total expenditure went up over 10% to Rs14,154.78 crore.
In a separate statement, L&T said that it received new orders worth Rs19,545 crore during October-December period, registering a growth of 14%.
"Order inflow at Rs19,545 crore during October-December 2012 recorded year-on-year growth of 14% ...International order inflow contributed 22% of the total order inflow during the quarter," it said.
As on 31 December 2012, L&T had a total order book of Rs1.62 lakh crore, it further said, adding that major orders were received from buildings and factories, infrastructure and power transmission and distribution sectors.
In its outlook, the company said that Indian economy continues to grapple with challenges like persisting inflationary pressures, volatile currency market, tight liquidity concerns and impaired investment climate.
"Speedy implementation of proposed reforms and follow-through policy measures hold the key for rediscovery of the growth momentum. The recent policy measures...are expected to improve economic outlook in India and revive the sentiments in the various sectors in which the company operates," it added.
With strong order book, the company expects to sustain its growth in the period ahead, L&T further said.
The engineering and construction (E&C) business registered 11% growth during the quarter with a net segment revenue of Rs13,858 crore. It also received most of the orders for the company at Rs17,818 crore during the quarter.
L&T's electrical and electronics business segment registered a growth rate of 7% with a net segment revenue of Rs830 crore, while revenue from the machinery and industrial products business was lower at Rs 563 crore due to slowdown in the manufacturing sector, the company said.
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